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Magellan Midstream Partners, L.P. (NYSE: MMP) is a leading publicly traded partnership in the United States specializing in the transportation, storage, and distribution of refined petroleum products and crude oil. Headquartered in Tulsa, Oklahoma, Magellan operates the country's longest refined petroleum products pipeline system, granting access to nearly 50% of the nation's refining capacity. The company can store over 100 million barrels of petroleum products, including gasoline, diesel fuel, and crude oil, throughout its extensive network spanning 24 states.
With a dedicated workforce of over 1,700 employees, Magellan prioritizes safety, efficiency, honesty, and responsibility in its operations. The company continually seeks talented, motivated professionals and offers competitive pay and excellent benefits to its workforce.
Magellan is proactively engaged in numerous projects and achievements. Recently, the company's board declared a quarterly cash distribution and a special cash distribution linked to its pending merger with ONEOK, Inc. (NYSE: OKE). This merger, approved by both ONEOK shareholders and Magellan unitholders, was completed on September 25, 2023, resulting in the creation of a more diversified North American midstream infrastructure company.
Financially, Magellan has demonstrated strong performance, reporting significant increases in distributable cash flow and free cash flow for the second quarter of 2023. The company's financial health is further supported by ongoing expansion projects, including the 30,000-barrel-per-day expansion of its refined products pipeline to El Paso, Texas.
Despite facing challenges such as fluctuating commodity prices and regulatory changes, Magellan remains committed to maximizing investor value, maintaining operational excellence, and ensuring environmental stewardship. The company's 2022 sustainability report underscores its commitment to responsible governance and safe operations.
For more information, visit www.magellanlp.com.
Magellan Midstream Partners, L.P. (NYSE: MMP) will participate in the Barclays CEO Energy-Power Conference on Sept. 9, 2021, at 9:45 a.m. ET. CEO Michael Mears will address questions in a virtual session, moderated by Theresa Chen, a Barclays equity research analyst. A live webcast will be accessible on the company's website, with a replay available for 30 days. Additionally, the company will host meetings with institutional investors during the conference, with related presentation materials also available on its investor webcasts page.
Magellan Midstream Partners (NYSE: MMP) announced that CFO Jeff Holman will participate in a Q&A session at the Goldman Sachs Power, Utilities, MLPs and Pipelines Conference on August 11, 2021, at 3:00 p.m. Eastern. The session will be moderated by Goldman Sachs analyst Michael Lapides, with a live webcast available on Magellan's website, along with a replay for 30 days. The partnership, which operates the longest refined petroleum pipeline system in the U.S., also plans to host virtual meetings with institutional investors during the conference.
Magellan Midstream Partners, L.P. (MMP) reported a net income of $280.4 million for Q2 2021, significantly up from $133.8 million in Q2 2020. The results featured a $69.7 million gain from the sale of a portion of its Pasadena marine terminal joint venture. Diluted net income per unit was $1.26, or $0.95 excluding the gain. Distributable cash flow reached $268.0 million, up from $209.5 million a year prior. Financial guidance for 2021 projects a DCF of $1.07 billion.
Magellan Midstream Partners, L.P. (NYSE: MMP) has announced a quarterly cash distribution of $1.0275 per unit for the period from April 1 to June 30, 2021. This distribution translates to an annualized amount of $4.11 per unit, set to be paid on August 13 to unitholders of record as of August 6. The press release highlights that 100% of distributions to foreign investors will be taxed at the highest federal income tax rate due to being effectively connected with a U.S. trade or business.
Magellan Midstream Partners, L.P. (NYSE: MMP) will release its second-quarter 2021 financial results on July 29, before market opening. The management will detail earnings and future outlook during a conference call at 1:30 p.m. Eastern. The partnership operates the longest refined petroleum products pipeline in the U.S., with significant storage capacity exceeding 100 million barrels.
Magellan Midstream Partners (MMP), Enterprise Products Partners (EPD), and Intercontinental Exchange (ICE) announced a new futures contract for crude oil delivery in the Houston area, the Midland WTI American Gulf Coast contract (ICE: HOU). This initiative aims to enhance price transparency and flow assurance. The contract is set to launch in early 2022, pending regulatory approval, and will align with WTI specifications from the Permian Basin. It offers delivery at the Magellan East Houston and Enterprise Crude Houston terminals, replacing existing service provisions.
Magellan Midstream Partners, L.P. (NYSE: MMP) announced that CEO Michael Mears will participate in a Q&A session at the J.P. Morgan Energy, Power & Renewables Virtual Conference on June 22, 2021, at 4:00 p.m. Eastern. The session will be moderated by J.P. Morgan analyst Jeremy Tonet and will feature a live webcast on the company's website, with a replay available for 30 days. Additionally, Magellan's management will conduct virtual meetings with institutional investors during the conference, with accompanying slides accessible online.
Magellan Midstream Partners, L.P. (NYSE: MMP) has announced the sale of its network of 26 independent petroleum product terminals to Buckeye Partners, L.P. for $435 million. This deal, pending regulatory approval, is part of Magellan's strategy to optimize its asset portfolio and enhance unitholder value. CEO Michael Mears expressed gratitude towards employees for their contributions. The proceeds from the sale will align with the company's capital allocation priorities. Magellan operates the longest refined petroleum products pipeline in the U.S., accessing nearly 50% of the national refining capacity.
Magellan Midstream Partners, L.P. (NYSE: MMP) will participate in the 2021 Investor Conference hosted by the Energy Infrastructure Council on May 19, 2021, at 9:30 a.m. PT. CEO Michael Mears will engage in a Q&A session moderated by analyst Justin Jenkins from Raymond James. The live webcast will be available on the partnership's website, with a replay accessible for 30 days. Additionally, management will hold meetings with institutional investors during the conference. More details can be found at www.magellanlp.com/investors/webcasts.aspx.
Magellan Midstream Partners, L.P. (NYSE: MMP) reported a first-quarter net income of $221.3 million, down from $287.6 million in the same period last year. Diluted net income per unit was $0.99, compared to $1.26 in Q1 2020. Distributable cash flow (DCF) decreased to $276.5 million. Management raised the annual DCF guidance by $50 million to $1.07 billion, anticipating a 13% increase in refined products shipments. Despite challenges like a decrease in operating margins, improvements in commodity pricing contributed positively.
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